Case-Shiller Indices reported slower home price growth in March with a 3.70 percent gain year-over-year as compared to 3.90 percent home price growth for the year-over-year period in 2018. This was the slowest pace of home price growth in seven years.
The National Association of Home Builders reported the highest builder confidence reading in seven months for May. May's reading exceeded expectations for an index reading of 64 and rose three points to 67.
The meeting of the Federal Reserve's Federal Open Market Committee ended Wednesday with the Committee's customary post-meeting statement recapping monetary policy matters considered by the Committee. Members voted not to change the current target rate range of the federal funds rate. The current rate range of 2.25 percent to 2.50 percent.
Home builder confidence increased in April to an index reading of 63, which was one point higher than for March and the highest reading in six months. Analysts said that April's reading revealed more about housing market conditions in the past six months than it was an indicator of future market conditions.
Jerome "Jay" Powell was sworn in as Chair of the Federal Reserve amidst wild fluctuations in U.S. stock markets. Analysts attributed sliding stock prices to fears over inflation.
Last week's economic releases included readings on pending home sales, Case-Shiller Home Price Indices and construction spending. The Federal Open Market Committee of the Federal Reserve released its monthly statement and weekly readings on mortgage rates and new jobless claims were released. Last week's economic readings wrapped with a report on consumer confidence.
Last week's economic events included weekly releases on new jobless claims, mortgage rates and testimony by Fed Chair Janet Yellen concerning the Federal Reserve's monetary policy.
Last week's scheduled economic news included reports on construction spending and several labor-related reports along with weekly reports on mortgage rates and new jobless claims. The details:
Last week's economic events included S&P Case-Shiller's home price indexes, reports on new and pending home sales and the Fed's FOMC statement. The details:
According to statement issued at the conclusion of today's Federal Open Market Committee meeting, committee members decided against raising the target federal funds rate. Mixed economic conditions, slower economic growth in the 4th quarter and low inflation contributed to the decision against raising rates. The target federal funds rate was raised in December to a range of 0.25 to 1.59 percent after remaining at 0.00 to 0.25 percent for several years. While rising fed rates were expected to cause a hike in mortgage rates, mortgage rates fell after December's rate hike.
Last week's scheduled economic news included releases from the National Association of Home Builders, Housing Starts, and Existing Home Sales. Weekly reports on new jobless claims and mortgage rates were also released.
Home builders maintained December's confidence level according to the National Association of Home Builders (NAHB) Housing Market Index for January. The latest reading of 60 mirrored December's reading, but was two points lower than expected. Readings of more than 50 indicate that more builders were confident about housing conditions than those who were not.
